TVS Motors opening a plant in Indonesia

TVS Motors opening a plant in Indonesia

Indian Auto Company TVS Motors is considering opening up a manufacturing plant in the southeastern Asian country of Indonesia and they would be finalizing the plans within a month itself. they are hoping to start production within 15 months and the estimated investment is expected to be in the region of USD 50 million.

These details were revealed by the chairperson and managing director of the company Venu Srininvasan. The company would be launching a series of motorcycles in the Indonesia market to compliment the sales in the local industry. Some of the variants of their popular models like Victor and Star are expected to make entry into the Indonesian market.

TVS Motors plans to sell more than a million bikes this year and want to capture at least 15% of the market share in the Indian sector. The motorbike market grew by around 20% last year though TVS itself saw a 5% drop in sales figures. Much of it can be blamed on the entry of the Honda as an independent unit in the Indian market. The company is hoping to rebound this year.

The company’s latest product Centra though technically quite advance, has failed to generate any fire on the sales chart. They are also planning to enter the three-wheeler market next year with a planned investment of around Rs. 100 crores for a plant at Mysore.